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Jingle Pay targets the Middle East with digital neobanking

Jingle Pay, Dubai, fintech, startup Dubai-based FinTech startup Jingle Pay has stated that it is bringing neobanking to the Middle East region, starting with its home turf of the UAE. The neobank has been formulated in response to what digitally-native Gen Z and millennial audiences want from banking – responsive services, extremely low transfer fees, transparency and no restrictions such as minimum balance requirements.

Jingle Pay is currently in the process of getting licensed in the UAE, Indonesia, Philippines and other GCC markets. It is expected to move to full-fledged operations in the UAE in the latter half of 2020.

Jingle Pay is the brainchild of Amir Fardghassemi, an ex-hedge fund manager and FinTech startup founder; and Nadeem Hussein, founder of Telenor bank and EasyPaisa in Pakistan.

Fardghassemi stated, “We’re seeing tremendous demand for a new way of offering banking services in the Middle East. Bricks and mortar banks don’t have the immediacy of response that a new generation of always-connected consumers want. And though we’re seeing conventional banks move to digital, there are gaps in user-friendliness and joyful engagement that we want to address…”

Jingle Pay has digitised the onboarding process and customer due diligence to cover over 7,600 government IDs in 160 countries. Acceptable identification includes passports, residency permits, Emirates ID and UAE driver licenses. Jingle Pay’s accelerated onboarding involves a live selfie, document verification and thorough digitised AML checks with local and global authorities.

Jingle Pay comes in a time where there is an accelerated need for online mobile banking and payment solutions. In the UAE, for instance, authorities have urged the public to avoid cash entirely in favour of contactless online payments and card transactions.

“Jingle Pay will be offering a multi-currency account and card, remittance, nano financing, instant and free money transfer services in addition to other value-added services. We are more than an alternative banking solution – we are the region’s first Super App Neo Bank,” said Fardghassemi.

Extending banking services to the unbanked and underbanked is another crucial goal for Jingle Pay.

“We’re seeing mobile phones and fintech come to the fore in key global markets that haven’t been ideally served by traditional markets. We’re looking to deliver financial inclusion in new ways to global audiences, starting with the Middle East. Here, we’re not just talking about the completely unbanked but also low-income individuals who can’t avail themselves of financial services in any meaningful way,” explained Fardghassemi.

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